New York-based MidOcean Partners closed its latest private equity fund, MidOcean Partners VI, with over $1.5 billion in capital commitments.
“We are grateful for the strong support we received for Fund VI from both new and existing investors, and thank them for putting their trust in MidOcean,” said Ted Virtue, founder and CEO of MidOcean. “Given our proven investment approach and deep bench of talent — both internally and across our dedicated group of highly engaged operating partners — we are confident we can generate risk-adjusted returns, even amid volatile market conditions.”
The asset raise is the largest in MidOcean’s 20-plus year history and follows the close of MidOcean Partners V, LP, a $1.2 billion fund. Since inception, the firm has invested in over 50 platform companies in the consumer and business services sectors, as well as over 140 accretive add-on acquisitions. Overall, MidOcean has $10 billion across private equity and private credit investments.
Fund VI’s investment strategy will be focused on the targeted investments in high-quality middle-market companies in the consumer and business services sectors, consistent with MidOcean’s long term theme-driven approach.
Officials said that to date, 15% of Fund VI’s capital has been put to work across two investments. Those holdings are thought to be in The Pragmatic Institute and Casper’s Ice Cream.
“Our methodical, theme-driven approach has enabled us to generate a strong pipeline of attractive investment opportunities,” added Erik Oken, MidOcean’s chairman of private equity. “We will continue to prudently deploy capital into our targeted sub-sectors with an eye on delivering transformative results across our portfolio.”
